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Hi Ketayun,
Back in August of 1998 I lost 66% of my trading money on a CMGI short. I
had made literally 100's of trades and thousands of dollars up until that
point. But I made 2 huge mistakes I've never made again:
1) I never risk more than 2% on a single trade. I pull the plug or don't
take the trade if the logical stop risks more than that.
2) I was trading more from my gut than from indicators. After essentially
wiping out my account, I spent a full year studying trend indicators that
could keep me out of trades that are a long shot.
My trend indicators, which are incredibly simple, tell me there was no short
trade on QQQ around $165. So my advice is to to take the loss and then get
to work on your technical analysis. After a year of mostly study and very
little trading, I finally can look at a chart and see structure where there
once was chaos. Now I trade with a mathematical probability of success. And
stops save my account when the trade goes the other way.
Good luck and Happy Holidays!
Linda
Swope's Mountain Photography
http://www.swopephoto.com
linda@xxxxxxxxxxxxxx
Climb the mountains & get their glad tidings: Peace will flow into you as
sunshine into flower; the winds will blow their freshness into you & storms
their energy, & cares will drop off you like autumn leaves. John Muir 1838 -
1914
-----Original Message-----
From: Ketayun <ketayun@xxxxxxxxxxx>
To: realtraders@xxxxxxxxxxxxxxx <realtraders@xxxxxxxxxxxxxxx>
Date: Tuesday, December 21, 1999 1:03 PM
Subject: [RT] Advice needed
>I would appreciate any advice as to what next????? Short QQQ at 165.
>Take a loss at 175 and abort? or .......?
>
>Thank you,
>
>Ketayun Rustom
>
>
>
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